Meeting Between UK and US Finance Leaders

By William Schomberg

WASHINGTON (Reuters) – British finance minister Rachel Reeves met U.S. Treasury Secretary Scott Bessent on Friday to discuss a trade deal, shortly after stating that improving business ties with the European Union was “arguably even more important.”

Reeves held discussions with Bessent at a gathering of world finance chiefs at the International Monetary Fund, which has been dominated by concerns regarding U.S. President Donald Trump’s import tariffs.

“The UK-U.S. relationship has delivered prosperity for businesses and working people on both sides of the Atlantic,” Reeves remarked in a brief statement on social media.

“Today I met with Secretary Scott Bessent to discuss the UK-U.S. economic prosperity deal and our goal of reaching an agreement that is in both our national interests,” she added.

The U.S. Treasury stated that Bessent emphasized the need for progress on fair and reciprocal trade and that the two engaged in “positive discussions on taxation, financial innovation, and technology partnerships.”

Britain, like many other nations, aims to mitigate the impact of Trump’s tariffs, which would significantly affect British car and metals exporters, by establishing an economic agreement with his administration to encourage more tech investment.

Reeves attempted to convey to Trump’s team that she shares concerns about the global economy—particularly regarding China’s export-heavy model—but has argued that high tariffs are not the solution.

Simultaneously, Reeves and Prime Minister Keir Starmer hope to alleviate some post-Brexit trade barriers with the EU. The U.S. is Britain’s largest trading partner, but the EU collectively purchases a greater share of the country’s exports.

“I understand why there’s so much focus on our trading relationship with the U.S., but actually our trading relationship with Europe is arguably even more important because they’re our nearest neighbours and trading partners,” Reeves told the BBC.

Earlier this week, she indicated that Britain would not hasten to finalize a deal with Washington and excluded making concessions on food standards that would jeopardize London’s capacity to increase food exports to the EU.

Reeves met with German Finance Minister Joerg Kukies in Washington to prepare for an upcoming summit aimed at improving ties between Britain and the EU, which were strained by the 2016 Brexit vote.

“We discussed the upcoming UK-EU Summit in May, marking an important moment in the reset between the United Kingdom and the European Union,” stated Reeves.

She and Starmer promised voters last year they would expedite Britain’s economy, which the IMF projected will grow by 1.1% in 2025—still faster than Germany and France, but a decrease from a previous forecast of 1.6%, partly due to the impacts of Trump’s tariffs on the global economy.

Reeves also consulted with China’s finance minister Lan Foan on Friday after recently announcing stricter customs controls and reinforcing Britain’s anti-dumping regulations, which may affect Chinese exporters.

“Our clear-eyed re-engagement with China ensures we grasp opportunities when it’s right for the UK,” she posted on X, adding that both sides would maintain cooperation.